Abstract:

Industry-finance integration aims to reintegrate industrial capital and financial capital through equity linkage, and it has shown good prospects in optimizing capital allocation and alleviating financing constraints. However, in recent years, more and more companies have chosen to withdraw from industry-finance integration, which has become a common phenomenon in China’s financial market. There are many reasons for the exit of industry-finance integration. For one thing, industry-finance integration can result in many risks, such as internal transactions, financial leverage, etc.; For another, with the development of the internet finance and the emergence of innovative financing models, the traditional financing models have been challenged. To sum up, in the context of the promotion of industry-finance integration and the rapid development of corporate financialization, the industry-finance integration has experienced a large number of withdrawls after 2015, which is an important question worthy of study. Therefore, this paper will explore whether the exit of industry-finance integration will increase the level of corporate risk-taking, hoping to provide empirical evidence for the economic consequences of the exit of industry-finance integration as well as reference significance for the risk management and the control of industry-finance integration, so as to guide its healthy development and prevent systemic financial risks.
This article chooses the A-share listed companies from 2008 to 2017 as the research sample to explore the impact of the exit of industry-finance integration on the corporate risk-taking and its specific mechanism. The study finds that the exit of industry-finance integration will increase the corporate risk-taking. Further research shows that in samples with a relatively high proportion of other accounts receivable and separation of the two rights, the exit of industry-finance integration has a more obvious effect on the corporate risk-taking. It indicates that the exit of industry-finance integration can help alleviate agency problems, thereby increasing the corporate risk-taking. When companies employ non-“big four” auditors and the information disclosure rating is low, the exit of industry-finance integration has a more obvious effect on the corporate risk-taking. In addition, the exit of industry-finance integration improves the quality of the information disclosure, thus playing a positive role in raising the corporate risk-taking. Lastly, the exit of industry-finance integration has significantly reduced the corporate financial risks, which in turn will promote the corporate risk-taking. Therefore, the impact of the exit of the industry-finance integration on the corporate risk-taking is mainly exerted by reducing the agency costs, improving the quality of the information disclosure, and reducing the company’s financial risks.
The research in this paper has certain contributions in the following aspects: Firstly, from the perspective of the risk of industry-finance integration, this paper explores the impact of the exit of industry-finance integration on the corporate risk-taking, which will help enrich and expand the relevant aspects of the exit of industry-finance integration. The literature provides empirical evidence for understanding the economic consequences of the exit of industry-finance integration. Secondly, this paper reveals the causes of the corporate risk-taking from the perspective of industry-finance integration, and enriches and expands the research on the influencing factors of the corporate risk-taking from the perspective of the internal governance environment. It helps to provide new ideas for a deeper understanding of the factors influencing the corporate risk-taking, and has corresponding reference value for the supervisory department to prevent systemic financial risks. Finally, this paper examines the mechanism of the exit of industry-finance integration on the level of the corporate risk-taking, clarifies the multiple pathways of the exit of industry-finance integration that affect the corporate risk-taking. It also plays a supplementary role in the study on the factors affecting the corporate risk-taking, and further opens the “black box” between them.

Key words: The Exit of Industry-finance Integration, Risk-taking, Agency Problem, Information Disclosure, Financial Risk

摘要：

伴随着产融结合快速发展的同时,企业选择退出产融结合模式也成为金融市场的新现象。本文利用2008—2017年上市公司数据,深入分析产融结合退出对企业风险承担水平的影响及其作用机制。研究发现:产融结合退出会提升企业风险承担水平;进一步研究表明,在代理成本较高和信息披露质量较低的样本中,产融结合退出提升企业风险承担水平的作用更明显;此外,产融结合退出后会通过降低企业财务风险来提高企业风险承担水平。本文研究对企业产融结合过程中进行风险管控、引导产融结合健康发展具有现实指导意义,亦为企业提升风险承担能力、防范系统性金融风险提供了参考。

关键词: 产融结合退出, 风险承担, 代理问题, 信息披露, 财务风险